HODL Waves
What Is HODL Waves?
A visualization of Bitcoin's UTXO set age distribution over time. Shows what percentage of supply has been held for various time periods (< 1 day to 10+ years), creating colorful wave patterns.
How to Interpret
Younger age bands (< 3 months) expanding indicates increased trading/spending activity — often at cycle tops. Older bands expanding shows long-term accumulation — often during bear markets.
More Supply Dynamics Metrics
Circulating Supply
The total number of Bitcoin currently in existence, approaching the fixed maximum of 21 million. Increases with each block reward. Currently approximately 19.7 million BTC.
Supply Last Active > 1 Year
The percentage of Bitcoin supply that has not moved on-chain for at least one year. Reflects long-term holder conviction and supply removed from active circulation.
Revived Supply
The volume of previously dormant coins (held for 1+ years) that have moved on-chain. These are considered 'revived' as they break their dormancy to transact.
HODLer Net Position Change
Measures the 30-day net change in supply held by long-term holders. Positive = HODLers accumulating more than distributing. Negative = HODLers net distributing.